USA, New york, July 18, 2023 (GLOBE NEWSWIRE) --
Global Chatbot Market was valued at US$ 4.9 Billion in 2022 and is expected to reach US$ 7.7 Billion , exhibiting a CAGR of 5.7% during the forecast period (2023-2030).
The enhanced capabilities of chatbots due to the advancements in artificial intelligence (AI) and natural language processing (NLP) technologies are major factors driving the chatbot market growth. Chatbots can provide round-the-clock support and personalized responses and recommendations, which makes it an efficient AI-enabled software program for businesses.
Key players such as Anboto, Creative Virtual, eGain, Inbenta Technologies, and Nuance Communications. Other key players in the market include IBM Corporation, Artificial Solutions Inc., Next IT Corp, [24]7.ai, Inc., and Chatfuel are focused on research and development activities, and product innovation to gain a competitive edge in the market. North America region holds a dominant position in the chatbot market.
Key Developments in the Chatbot Market
On July 12, 2023, the All India Institute of Medical Sciences (AIIMS) and Indian-American author Dr Deepak Chopra announced their plan of launching an AI-based chatbot that will help in the prevention of suicides. The chatbot will use GAD/PHQ9, an assessment scale, to assess depression or anxiety and save the users’ lives by providing interventions.
In August 2019, Gatwick Airport launched a chatbot on Facebook Messenger to provide flight updates and information on its retail and food outlets.
In July 2019, HireXP launched the conversational chatbot Amara in India. Amara can be integrated with its internal systems and can be launched across multiple channels like WhatsApp, Slack, Trello, SMS, and others.
Chatbot Market Scope
| Report Metrics | Details |
| CAGR | 5.7% |
| Forecast Period | 2023-2030 |
| Data Availability | Value (USD) |
| Segments Covered | By Type, By Deployment, By End-user, and By Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Market Share | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other Key insights. |
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Chatbot Market: Overview
A chatbot is an AI-enabled software program that has transformed how businesses interact with customers. It can understand user queries and provide accurate responses in real-time with the help of NLP and machine learning algorithms. Chatbots can be integrated into various platforms such as websites, messaging apps, or voice-enabled devices.
Chatbot Market: Opportunities
Chatbots can be used to generate data on customer interactions, behaviors, and preferences. This helps businesses to gain insights into the likes and dislikes of customers and optimize their services accordingly.
Moreover, chatbots can be tailored to specific industries and use cases. For example, in healthcare, chatbots can assist with appointment scheduling, symptom assessment, and medication reminders. In e-commerce, chatbots can provide personalized product recommendations and support order tracking.
The above-mentioned factors are expected to provide significant growth opportunities for companies operating in the chatbot market.
Chatbot Market: Dynamics
The global chatbot market growth is driven by the increasing technological advancements in AI and NLP. Chatbots are largely used by businesses to ensure that all customer queries and complaints are answered without any delays. This type of interaction with customers allows businesses to reduce their customer service costs by around 25-30%.
Moreover, various governments are investing in chatbots, which is expected to boost the chatbot market growth. For instance, in India, the Government of Maharashtra partnered with Haptik, the conversation AI platform, to develop a chatbot as part of its Apple Sarkar platform. The bot will provide conversational access to information regarding 1,400 services managed by the state government.
However, high initial cost, lack of awareness among the people about chatbots, and complexities in integrating chatbots to different platforms are expected to restrain the market growth.
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Chatbot Market: Geographical Insights
North America holds a dominant position in the chatbot market owing to the increasing adoption of new technologies in this region. For instance, Bank of America introduced Erica (from the word American) to send notifications to customers, provide balance information, suggest how to save money, provide credit report updates, pay bills, and help customers with simple transactions.
Table of Contents
| 1 | Report Methodology and Scope |
| 2 | Report Definition and Overview |
| 3 | Executive Summary |
| 4 | Market Dynamics |
| 5 | Industry Factors |
| 6 | COVID-19 Analysis |
| 7 | Chatbot Market Segments and Region |
| 8 | Global Company Share Analysis – 10 Key Companies |
| 9 | Chatbot Market Company and Product Profiles |
| 10 | About DataM |
